Everything you need to know about the mpDAO migration
Governance Multichain is on the horizon for the Meta Pool Community
After Meta Pool Improvement Proposal 3 approval, which indicates the re-launch of our governance token, this marks a significant step towards our vision of multichain governance, empowering users to take control of their assets and actively participate in shaping the future of the protocol.
We have already completed several stages, and we are now entering the token migration phase. This is a significant milestone as it marks the end of the $META token and the beginning of the $mpDAO token.
An exciting year awaits all those involved in Meta Pool’s Governance.
Important dates and details
From April 15th to April 30th: Each user must migrate their $META locked positions to the new mpDAO voting contract. You can not migrate if you have unlocking positions.
If the user has ongoing unlocking positions, must re-lock unlocking positions for the migration. Even if you migrate, your old locked META and votes are valid until the end of April.
All your locking positions will be maintained during the migration, so your mpDAO locking days in the new contract will be the same as they were in the old $META contract.
For example: if you have a locked position for 30 days, after migration, your locked position will remain unchanged.
By completing the migration, the user will receive 1 locked $mpDAO for every locked $META.
- Note: The unlocking function will be available after May 1st, 2024.
Voting Power: In the new contract there’s a slight modification in the computing of the voting power. The new voting power is computed as: locked_mpDAO_amount * unbound_days/60.
This new feature means:
- Users who commit to an unbound period of 30 days will receive 0.5x voting power.
- Users who commit to an unbound period of 300 days will receive 5x voting power.
This change is to help highly committed community members to increase their voting power against other low-commitment participants.
Previous ‘locked’ records and voting positions in the former contract are retained to tally votes for April.
Throughout April, the vote-tracking bot will continue to monitor the old contract and distribute 50% of protocol fees as usual.
Learn how to migrate step-by-step:
Need a quick answer?
Visit our FAQ section: https://docs.metapool.app/master/faq-frequently-asked-questions/faq-mpdao-and-governance
mpDAO Grants program on hold
During April, there will be no Grants round to focus all efforts on moving towards the Tokenomics Reset, in this pause we anticipate an increase in the budget for mpDAO Grants 7, which will be available after the migration phase (To Be Defined).
Currently, the estimated allocation for the next round of mpDAO Grants is approximately 9,600 stNEAR (as of March 24th).
Meanwhile, you can cast your votes for validators and become eligible to receive monthly protocol fees, distributed on the 3rd of each month.
Recent stNEAR Distribution for Active Voters in Meta Pool’s Governance
IMPORTANT:
Since we are currently in the migration phase of our governance token, scammers may try to take advantage of this by targeting users with scams related to the migration process, claiming rewards, or tricking them into connecting their wallets to malicious websites.
Please be vigilant against scams. We want to reiterate that WE ARE NOT CONDUCTING ANY AIRDROPS, CLAIMS, OR ANY OTHER UNANNOUNCED ACTIVITIES.
The migration process itself will be a simple 3-step procedure conducted on metapool.app starting April 15th. We encourage the community to direct any migration-related questions to our official social media channels. Stay safe!
Follow our official X and Telegram accounts for the latest event updates.
